Returning investors help to push share prices up

File photo / NZ Herald

The NZX-50 index rose for a fourth consecutive trading day yesterday after the United States market rebounded on Saturday on strong payroll data.

The NZX-50 index rose 12.63 points, or 0.36 per cent, to 3518.98.

"A slight bounce in commodity prices in Asian trading is also enticing some investors back into the market after last week's rout," Ben Potter at IG Markets said. Rakon rose 6c to $1.24 after winning company of the year and company of the decade awards at the NZ Hi-Tech Awards. Xero, which yesterday signalled a move to new offices in Wellington, fell 2c to $2.45.

Air NZ rose a cent to $1.14 at a time when it is in the news after two Air New Zealand planes made emergency landings in recent days.

Turners & Growers eased 3c to $1.75 as it went to the High Court to argue that kiwifruit exporter Zespri is breaching the Commerce Act.

Steel & Tube rose 4c to $2.65 on a day it said its chief financial officer had resigned and would leave on June 9.

Allied Farmers sat at 1.1c after saying it had sold remaining assets at Clearwater near Christchurch, providing funds to pay down debt.

Goodman Fielder rose 3c to $1.44, recovering some of the ground it lost after a recent earnings downgrade.

Mainfreight yesterday welcomed news that the Government is investigating the idea of a new ferry terminal at Clifford Bay to reduce travel times between North and South Islands.

Mainfreight is investing in a rail-capable terminal in Wellington and wants to move more freight by rail. Its share price rose 3c to $9.19. New Zealand Farming Systems Uruguay eased 2c to 71c as Olam International dispatched its latest offer at 70c a share.

Bathurst Resources rose 6c to $1.55 after saying on Friday that Chinese company Citic will help fund and be a customer of its Buller Coal Project.

Telecom eased 2c to $2.19.5, Fletcher Building rose 2c to $8.98 and Contact Energy rose 5c to $6.02.

The US market rebound on Saturday was helped by an unexpectedly strong report on US payrolls, tempering worries that stocks could suffer the declines seen last week in commodities. Gains were trimmed late in the session on speculation that Greece might leave the eurozone.

For the week, the Dow lost 1.3 per cent, the S&P fell 1.7 per cent and the Nasdaq Composite dropped 1.6 per cent.

- NZPA